| In recent years, some lies and scandals have continuously occurred in the stock market of China such as"Case of Hainan Minyuan Modern Agricultural Development Co., Ltd.","Case of Zhengzhou Baiwen Co., Ltd.","Case of Shenyang Dawn Garments Co., Ltd."and"Case of Guangxia (Ningxia) Industrial Co., Ltd.", which have greatly damaged the investors'rights and interests, and the accounting information quality has been generally doubted by people and the good faith of the accounting of China has been in the disastrous state. The accounting information is the indispensable important condition of governance of a company. Only according to the accounting information can the persons related to the interests in and out of the company know and supervise the operation and management activities of the enterprise and make the relevant decisions. The complete and perfect accounting information plays the important roles in reducing the asymmetry of information, repressing the ethical risks and control the reversal option, etc. On the one hand, with the help of the effective exposure of information to the outside, the orderly operation of the external competitive market is supported and it is assured that some external governing structures such as takeover, etc. pose the threat of creditability to the manager's behavior of deviation from the shareholder's interests; on the other one, in the internal governing structure, the accounting information directly gives play to the governing values of supervision, evaluation and communication of contracts and the standard, reliable and effective high-quality accounting information is the foundation for the shareholder to exercise the control right. If such a foundation is lost, the shareholder will be blind and adventurous to exercise the control right. Under such a background, the problem of exposure of the accounting information to improve the accounting information quality has become the common concern of the academic sector and the industrial sector.Starting from some problems of distortion of the accounting information and lack of good faith of accounting, this paper focuses on analysis of the relations between governance of a company, accounting information and accounting supervision and makes efforts to carry out the trial discussion of the problems of governance of a company and accounting information quality.The analysis method of institutional evolution of institutional economics is mainly used to study the accounting information problem in the governance of a company. At the same time, based on the fact that the accounting information quality problem is not only a theoretical one but also the one of strong practice, the paper also uses the method of combination of standard analysis and empirical study. With the use of the above study methods, the relevant documents for studying the accounting information quality in the governance of a company are reviewed and evaluated so as to refer to the current research achievements and promote the study of the problem. In line with the impacts of the internal governing mechanism of the company on the accounting information quality and the roles of the accounting information in the internal governing structure of the company, the internal mechanism of the relations between both of them is dealt with, the generating mechanism of the relations between the external governance of the company and the accounting information quality is analyzed and the problem of the relations between the governance of the company and the accounting supervision is discussed to prove that the accounting supervision system is one of the important components of the governing system of the company and point out the different accounting supervision subjects and modes based on the different governing modes of the company. Based on the above, some suggestions on perfecting the governance of the company of our country and improving the accounting information quality.The paper consists of five chapters in addition to the Introduction: Chapter 1 Overview of the Accounting Information Quality Problem in the Governance of the CompanyThe accounting information quality problem in the governance of the company is the topic in the common concern of both economics and management science. In this chapter, on the basis of the definitions of connotations and characteristics of the accounting information quality, the relevant theoretical achievements in the study of the accounting information quality problem in the governance of the company are reviewed and arranged, the economic theoretical foundation of the study of the accounting information quality problem in the governance of the company is concluded, the economic explanations to the accounting information quality problem are made, and at the same time, the standardization and empirical study on the accounting information quality problem in the governance of the company at home and abroad is generalized such as the study of the present situation of the relations between the characteristics of the board of directors, structure of stock rights, independent director, auditing committee and capital market, etc. and the accounting information quality and evaluation is given. With the summary of the current research achievements, the author thinks that there is lack of the systematic theoretical conclusion and study of the mutual restraining and supporting relations between both of them from the perspective of the institutional evolution of the institutional economics at present.Chapter 2 Internal Governing Mechanism of the Company and Accounting Information QualityThe governance of the company includes the internal governance and external governance, both of which restrain and depend on each other as well as are closely related to the accounting information quality problem. In the chapter, emphasis goes to the analysis of the internal governing structure of the company, the balancing of the rights of the different governing modes in the different structures of stock rights and the interactions of behavioral option of implementation of the general accounting norms are analyzed. In the meanwhile, in combination with the actual situation of the companies of China listed in the market, the interactive relations between the internal governing mechanism of the company and the accounting information quality are dealt with and it is pointed out that the balancing mechanism of the internal governing structure with the board of directors as the core is imperfect and cannot carry out the effective institutional arrangement of assuring the accounting information quality. According to the relevant deductive analysis of the"reputation model", the external directors with the high proportion can reduce the possibility of occurrence of cheat of the financial statements of the company. The effective auditing committee is vital to the creditability of the accounting information provided by the company. The board of supervisors is the special supervision institution in the company, but the independent supervising function of the board of supervisors of the company listed in the market of China is weakened at present, which is difficult to assure the accounting information quality. The important role that the accounting information plays in the internal governance of the company is described.Chapter 3 External Governing Mechanism of the Company and Accounting Information QualityThe external governing mechanism of the company consists of capital market, market of managers, market of products and elements, control right market and independent auditing market, etc. On the basis of the analysis of the relations between the internal governance of the company and the accounting quality in Chapter 2 of the paper, the relations between the external governing mechanism of the company and the accounting information quality are further analyzed, the interactive mechanisms between the capital market, market of managers, market of products and elements, control right market and independent auditing market as well as the accounting information quality are discussed. In the chapter, some problems such as exposure of accounting information required by the capital market and the important impacts of whether the market is effective on the exposure of accounting information are especially pointed out and analyzed. The analysis of causes for the two exposure modes of the accounting information exposure system (arrangement of the voluntary exposure system and arrangement of compulsory exposure system) is also made. In addition, in combination with the discussion on the financial accounting information and market of products and elements, mechanism governance and accounting information, accounting information and control right (takeover) market as well as existing of the independent auditing market and accounting information, etc., the deep-going explanations to the relations between the external governing mechanism of the company and the accounting information quality are made, which promotes the deep-going study in the field.Chapter 4 Governance of the Company and Accounting SupervisionThe accounting supervision is the supervision and management of the accounting information of the company made by the persons related to the interests of the company, districts of the company and the government protecting the interests of the company. At present, although an accounting information exposure system with a preliminary scale has been established in the stock market of our country, there exist many problems in the actual operation of the accounting information exposure and the quality of exposing the accounting information is worrying. There are many factors causing such a situation, but the author thinks that the main reason is that the governance of the company of our country is imperfect and the accounting supervision is invalid. Based on the division of the internal and external governing mechanisms of the company, the accounting supervision can also be divided into the two aspects. The first is the accounting supervision mainly carried out by the persons related to the interests of the company and directed by the internal governance. The second is the accounting supervision dominated by the government, carried out by the governmental departments in charge and the social intermediary agencies and directed by the external governance depending on the capital market, market of managers and independent auditing market. Because the effective accounting supervision can realize the complete, high-quality and immediate accounting information and assure that the persons related to the interests can obtain the true accounting information and their legitimate rights and interests can be maintained, it is the important approach of realizing the governing targets of the company to establish the accounting supervision mechanism and strengthen the accounting supervision. According to the concept as a whole and the concept on the limited rationality, only with the common effects of the accounting supervision mechanism in the internal governing structure of the company and the accounting supervision system depending on the external governing mechanism of the company can the accounting information quality be assured. In the chapter, the relevance between the accounting information, governance of the company and accounting supervision is first explained, and the US is taken for example to explain the different levels of the accounting information exposure and supervision system and then Japan and Germany are taken for example to analyze the accounting supervision mode directed by the relatively centralized internal governance and the US is taken for example to analyze the accounting supervision mode directed by the relatively scattered internal governance. In the meantime, the accounting supervision mode directed by the internal governance depending on the system of independent directors and the auditing committee is explained. Finally, the emphasis of study goes to the accounting supervision mode depending on some external governing mechanisms of the company such as capital market, market of managers, market of products and independent auditing market, etc. and directed by the external governance.Chapter 5 Supervise and Perfect the Governance of the Company by Law and Assure the Accounting Information QualityIn order to realize the good circulation of the governance of the company and the accounting information quality, the relevant strategies shall be taken from some aspects such as perfection of the internal and external governing structures of the company listed in the market, promotion of innovation of the accounting system and strengthening of the accounting supervision, etc. To be exact, they are mainly to perfect the internal governing structure of the company listed in the market, build and perfect the governance of the company from the perspective of the common governance of the persons related to the interests, prevent the big shareholders from infringing upon the interests of the small shareholders through manipulating the accounting policies and try to promote the system of directors without the asset relations as soon as possible so as to maintain justice and efficiency of the accounting policies. The perfection of the external governing mechanism of the company listed in the market is mainly to strengthen the construction of effectiveness of the capital market, foster and perfect the market of managers, takeover market and independent auditing market, maintain the ecological balancing of the governance of the company, innovate the accounting system, perfect the laws and regulations of governance of the company and strengthen the internal and external accounting supervision.The main innovations of the paper are as follows:First, the accounting information quality problem in the governance of the company as the research object of the paper is a brand-new research field. It is innovative because the study combined with the historical tradition of our country and the actual economic situation in the period of reform is scarcely seen.Second, the study of the accounting information quality in the governance of the company involves many disciplines. It is not only the accounting problem and the management science of enterprises but also the problem that economics, especially the political economics shall pay attention to. In the paper, a series of accounting measuring indexes and the economic theories are used to study the interactions between the governance of the company and the accounting information quality, which deepens the study of the relevant problems and is of epistemological significance and value for reference to perfect the governance of the company and improve the design of the accounting information quality system.Third, the governance of the company includes the internal governance and the external governance. There are many documents on the impacts of the internal governance of the company on the accounting information quality, but there are few documents on the study of the impacts of the external governance of the company on the accounting information quality and the roles that the accounting information quality plays in the governance of the company. In the paper, the analysis method of the institutional evolution of institutional economics is used to carry out the theoretical analysis of the relations between the external governance of the company and the accounting information quality and the roles that the accounting information quality plays in the governance of the company, which promotes the relevant studies. Fourth, the analysis of the causes for the two exposure modes of the accounting information exposure system (arrangement of the voluntary exposure system and arrangement of the compulsory exposure system) is made from the perspective of economics. It is pointed out that the reputation mechanism in the market of managers is also the effective one to encourage and restrict the manager's behavior, which is of certain theoretical importance and value of application.
|
PDF Full Text Request